The spins flow with the blood through a slice and experience a RF pulse. If they flow out of the slice by the time the signal is recorded (because the repetition time (TR) is asynchronous with the pulsatile flow), the flowing blood produces intravascular signal void by 'time of flight' effects, turbulent dephasing and first echo dephasing. The liquid flow occasionally produces an intravascular high signal intensity due to flow related enhancement, even echo rephasing and diastolic pseudogating.

See also Flow Artifact and Flow Effects.

Quantification relies on inflow effects or on spin phase effects and therefore on quantifying the phase shifts of moving tissues relative to stationary tissues.
With properly designed pulse sequences (see phase contrast sequence) the pixel by pixel phase represents a map of the velocities measured in the imaging plane. Spin phase effect-based flow quantification schemes use pulse sequences specifically designed so that the phase angle in a pixel obtained upon measuring the signal is proportional to the velocity. As the relation of the phase angle to the velocity is defined by the gradient amplitudes and the gradient switch-on times, which are known, velocity can be determined quantitatively on a pixel-by-pixel basis. Once, this velocity is known, the flow in a vessel can be determined by multiplying the pixel area with the pixel velocity. Summing this quantity for all pixels inside a vessel results in a flow volume, which is measured, e.g. in ml/sec.
Flow related enhancement-based flow quantification techniques (entry phenomena) work because spins in a section perpendicular to the vessel of interest are labeled with some radio frequency RF pulse. Positional readout of the tagged spins some time T later will show the distance D they have traveled.
For constant flow, the velocity v is obtained by dividing the distance D by the time T : v = D/T. Variations of this basic principle have been proposed to measure flow, but the standard methods to measure velocity and flow use the spin phase effect.
Cardiac MRI sequences are used to encode images with velocity information. These pulse sequences permit quantification of flow-related physiologic data, such as blood flow in the aorta or pulmonary arteries and the peak velocity across stenotic valves.

(CRISP) A specific pulse sequence, wherein the application of strategic gradient pulses can compensate for the objectionable spin phase effects of flow motion.

Quick Overview
Please note that there are different common names for this artifact.

Flow effects in MRI produce a range of artifacts, e.g. intravascular signal void by time of flight effects; turbulent dephasing and first echo dephasing, caused by flowing blood.
Through movement of the hydrogen nuclei (e.g. blood flow), there is a location change between the time these nuclei experience a radio frequency pulse and the time the emitted signal is received (because the repetition time is asynchronous with the pulsatile flow).
The blood flow occasionally produces intravascular high signal intensities due to flow related enhancement, even echo rephasing and diastolic pseudogating. The pulsatile laminar flow within vessels often produces a complex multilayered band that usually propagates outside the head in the phase encoded direction. Blood flow artifacts should be considered as a special subgroup of motion artifacts.

Artifacts can be reduced by reduction of phase shifts with flow compensation (gradient moment nulling), suppression of the blood signal with saturation pulses parallel to the slices, synchronization of the imaging sequence with the heart cycle (cardiac triggering) or can be flipped 90° by swapping the phase//frequency encoding directions.

See also Flow Related Enhancement and Flow Effects.

Flow compensation is based on the principle of even echo rephasing and a function of specific pulse sequences, wherein the application of strategic gradient pulses can compensate for the objectionable spin phase effects of flow motion. Gradient moment nulling of the first order of flow is another adjustment for the reduction of flow artifacts.
Gradient field changes can be configured in such a way that during an echo the magnetization signal vectors for all pixels have zero phase angle independent of velocities, accelerations etc. of the measured tissue. The simplest velocity-compensated pulse sequence is the symmetrical second echo of a spin echo pulse sequence.
Strategic gradient pulses are integrated in special sequences (e.g. CRISP, Complex Rephasing Integrated with Surface Probes) and for the most sequences flow compensation is an optional parameter.